U.S. stocks get housing lift, earnings lag Mild r

U.S. stocks get housing lift, earnings lag
Mild rise results in Dow’s longest winning run in nearly five weeks
NEW YORK (MarketWatch) — U.S. stocks rose on Wednesday after data showed new-home construction at a four-year high, offsetting disappointing results from technology bellwethers.

“If we’ve had one sector increasingly positive it’s been housing, and today’s data proves that out again. That said, we’re in the middle of earnings season, and that’s a bumpier ride now,” said Art Hogan, market strategist at Lazard Capital Markets.

Up for a fourth consecutive session, its longest win streak in nearly five weeks, the Dow Jones Industrial Average (DJI JIA) gained 5.22 points to 13,557, with 23 of its 30 components rising.

International Business Machines Corp. (NYSE:IBM) was the worst performer on the Dow with shares dropping 4.9% after the computer-services provider reported revenue that missed expectations. Read: IBM profit slips as hardware sales decline

The next worst was Intel Corp. (NASDAQ:INTC) , with shares down 2.5%, after the semiconductor maker projected a fourth-quarter profit margin below analysts’ estimates. Read: Intel hit by weak PCs, scaling back output

Home-builder shares rallied after the Commerce Department reported construction on new houses jumped 15% to an 872,000 annual rate in September, the biggest number since July 2008 and easily topping Wall Street’s expectations. Read: U.S. home construction surges in September.
http://www.marketwatch.com/story/us-stocks-hi...2012-10-17